Tag: adjustments

Interest on drawing is ________ for the business.

The interest on partner's capital accounts is to be credited to_________. 

Where a partner is entitled to interest on capital contributed by him, such interest will be payable: 

N & Z are two partners. During the year N withdraws Rs. $37,000$ on $1-5-2012$ & Z withdraws Rs. $45,000$ on $15-8-2012$. Accounts are closed on $31-12-2012$. Rate of interest on drawings is $10\%$ p.a. Interest on drawing for two partner respectively will be.

If a fixed amount is withdrawn on the last day of every month of a calendar year, the interest on the total amount of drawings will be calculated for _________. 

If a fixed amount is withdrawn on the middle day of every month of a calendar year, the interest on the total amount of drawings will be calculated for ________. 

If a fixed amount is withdrawn on the first day of every quarter of a calendar year, the interest on total amount of drawings will be calculated for _______. 

What time would be taken into consideration if equal monthly amount is drawn as drawing at the beginning of each month? 

Partners are supposed to pay interest on drawings only when ______ by the _________. 

If a fixed amount is withdrawn on the middle day of every quarter of a calendar year, the interest on total amount of drawings will be calculated for ________.